Sector

Healthcare and Public ServicesSpecialist IndustrialStructured FinanceTMTTransportUtilities

Location

FranceGermanyNordicsSwitzerlandUKRepublic of Ireland

Fund

STAR ISTAR IISTAR Finance PartnershipSTAR IIIOther

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Sector

Specialist Industrial

Location

Germany

Entry date

January 2012

Exit date

September 2016

Fund

STAR II

Status

Realised

Overview

In January 2012, STAR completed the acquisition of Blohm + Voss' civil business from ThyssenKrupp AG. Blohm + Voss is recognised as one of the great brands in the marine industry with a rich history and a track record of engineering excellence, renowned for manufacturing "best in class" products.

The transaction included the acquisition of four businesses: Blohm+Voss Industries ("BVI"), a provider of highly complex marine components; Blohm+Voss Repair ("BVR"), a ship repair and conversion business; Blohm+Voss Oil Tools ("BVOT"), a provider of pipe handling equipment to the oil and gas sector; and Blohm+Voss Shipyards ("BVS”), a shipbuilder focused on luxury mega yachts, naval vessels and services.

The acquisition was completed at a time when significant restructuring and downsizing was being planned for the business. Immediately post acquisition, STAR committed additional capital to support the required restructuring process. BVI and BVOT were separated into two standalone businesses and sold separately to different high quality industrial companies. The remaining companies, BVS and BVR, were merged into one entity and a new management team was brought in to restructure the business, making it more customer driven and efficient.

BVI was sold to SKF Group in January 2013. BVOT was sold to Forum Energy Technologies in May 2013. BVS and BVR were sold to Luerssen in September 2016.

Strategic qualities

Exceptional strategic market position of BVI with a patent protected seal installed on one-third of the world’s shipping fleet

Relatively low cost but critical part, so no incentive to not replace / service the part regularly (normally every 5 years)

Contact

STAR Capital Partnership LLP

STAR Capital Partnership LLP is a limited liability partnership incorporated in England (number OC402487) and its registered office is 15th Floor, 33 Cavendish Square, London W1G 0PW. STAR Capital Partnership LLP is authorised and regulated by the Financial Conduct Authority (with reference number 752696) and is a member of the BVCA. Use of this website is subject to the terms and conditions which are accessed by clicking below. Please read these carefully. By proceeding, you are deemed to have accepted the terms and conditions governing the use of this website.